• >
  • >

Cromwell Medical Payment Options

Cromwell Medical Payment Options

At Cromwell Medical Staffing we operate a weekly payroll and have plans to go daily by next year. Whichever way you choose to receive your salary, we want to make it as simple as possible. So, we need to know which of the following employment categories you fall into...

 

PAYE (Pay As Your Earn)

In this case, Cromwell Medical Staffing are your employer. Once you send us your signed timesheets, we will deduct income tax and National Insurance Contributions (NICs) from your salary before it is paid into your designated bank or building society account. You will also benefit from employment rights, such as paid holiday, statutory sick pay, paid maternity/paternity leave and redundancy pay.

Umbrella Company

You may choose this option if you accumulate expenses during your shifts and wish to claim back some of these expenses as a tax relief against your pay. In this case, you will be considered a contractor of Cromwell Medical and an employee of the Umbrella Company, with timesheets being provided for both. When selecting your Umbrella Company, you must ensure it complies with the guidelines set out by Her Majesty’s Revenue and Customs (HMRC).

Limited Company

If you have your own limited company, you must pay your own income tax via a yearly self-assessment, from which you will be able to deduct a range of expenses. You will also pay your own National Insurance Contributions (NICs), which are lower than for an employee. As the owner and director of your own limited company, you would typically take a small salary and the balance of your remuneration as a dividend. Although you will not enjoy employment rights – as you control your own pay-rate, holidays etc. – you will enjoy a higher rate of pay.

Independent accountancy advice

This is only a brief overview of the subject of employment status, which is a far-reaching and complex topic. For a thorough understanding of the tax and financial implications of each employment category, we recommend that you seek professional advice from an accountant.

 

Thank you for choosing Cromwell Medical - to specify your payment option, please speak to a Bookings Consultant on 03330 437 101.

Follow us on LinkedInTwitter or Facebook for the latest healthcare news and jobs.

Cromwell Medical LinkedIn   Cromwell Medical Twitter   Cromwell Medical Facebook